PRESS DIGEST - China - Aug 8
BEIJING/SHANGHAI, Aug 8 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
-- Shandong province's state assets commission plans to set minimum levels for the provincial government's shareholdings in firms, to ensure that the rights of the state as a shareholder are protected.
-- The association of interbank money market traders said there was great potential for further development of short-term debt instruments, and urged the central bank to promote such development.
SHANGHAI SECURITIES NEWS
-- In little more than a month, major shareholders in 44 listed companies have pledged they will extend lock-up periods during which they will not sell shares in the firms, and some shareholders have also set minimum stock prices for possible future sales. Such pledges appear to be becoming a trend.
-- Long Yuan Construction Group (600491.SS), a Shanghai-based construction company, has won a 10 billion yuan ($1.5 billion) contract to build a 5 million square metre complex that will include shopping malls and commercial and residential properties.
-- Shanghai Construction Co (600170.SS) has won contracts for two projects worth a total of 1.92 billion yuan.
-- Shandong Expressway Co (600350.SS) plans to buy tollway assets from its parent for 2.5 billion yuan.
-- Poly Real Estate Group (600048.SS) sold 1.47 million square metres of real estate developments in the first seven months of this year, up 38 percent from a year earlier, and received 11.8 billion yuan from home buyers, up 31 percent.
SECURITIES TIMES
-- Chinese shipbuilders built a total of 10.24 million deadweight tonnes of ships in the first half of 2008, up 36 percent from a year earlier, and have orders to build ships with capacity of 192.17 million tones, up 82 percent. But appreciation of the yuan and high steel prices will hurt the profitability of the industry in the next two years. ($1 = 6.86 yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Edmund Klamann)
